The <b>Gold Price</b> Gave Back a Lethargic $3.80 to Close at $1265.10 |
- The <b>Gold Price</b> Gave Back a Lethargic $3.80 to Close at $1265.10
- <b>Gold price</b> suppression needs no whistleblowers; it's in the open <b>...</b>
- <b>Gold price</b> falls on first full September trading day | MINING.com
| The <b>Gold Price</b> Gave Back a Lethargic $3.80 to Close at $1265.10 Posted: 04 Sep 2014 04:33 PM PDT
Today the GOLD PRICE hit a high of $1,279.20 then was trashed by the ECB's surprise party. Closed near the low of its range. Yet, in all this the gold price remains simply within that downsloping channel from the July high, in fact, not quite at the bottom line. Considering the strength of today's stroke, gold acquitted itself quite well. The SILVER PRICE closed below that downtrend line from the August 2013 high, and barely above 1900c support. On news about as bad as an announcement that alchemists had learned how turn mulch into silver, silver dropped four point four measly cents. Silver is acting as if it is sold out, that is, not attracting any new sellers. Unhappily, that ain't no recipe for success. Got to have buyers to raise the price. Best thing that can be said for silver and gold is that a large skunk sprayed all the markets, but silver and gold don't smell too bad. T'aint much, but 'tis something. When governments or central banks throw a surprise party, all bets are off. Today the European Criminal Bank threw a heck of a surprise party, announcing (1) an interest rate cut from 0.15% to 0.05%, (2) cutting the interest rate on funds held at the ECB (think "Federal Funds" in the US) to negative 0.2 percent (yes, they are charging banks to hold reserves), and (3) an asset-backed securities and bond buying program, as much as E500 billion ($691 billion) over three years, or US$230 billion a year, about US$20 billion a month, small by Federal Reserve standards. In plain English, the European Central bank is going to inflate. The ECB news sent the US dollar index screaming up 93 basis points (1.12%) to 83.80, highest close since 11 June 2013. That's a gigantic move for a currency. Euro fell 1.59% to $1.2941, it's lowest since 10 July 2013. That sets up a further drop to target the last low at $1.2755. It appears the deal has been cut long ago to let the dollar rise and the euro drop. Come on! These things don't happen without consultation and conspiracy. Japanese yen lost 0.3%, all yesterday's gain and then some for a new low for the move. It ended at 95.05. All this currency turmoil has made the US dollar look better and pay more interest, a prime determinant of exchange rates. Ten year treasury yield rose 1.58% to 2.448%. That brings the 10 year yield near its 50 DMA (already above the 20 DMA) and not far from the bottom boundary of the triangle it broke down out of in August. Needs to climb over 2.5% to prove itself. The ECB's currency tricks did not please US stocks. The Dow gave back 14.16 (0.08%) to close at 17,064.12. S&P500 dropped 3.8 (0.19%) to 1,996.92, below the fabled 2000 mark. I'm no more'n a natural born durned fool for Tennessee, so I cannot peer into the deep thangs of the cosmos, but theseyere lines on charts fascinate me. S&P500 today closed below an internal uptrend line (it marked the rising wedge's lower boundary), and it is dropping on rising volume. That means that there's a feedback loop: faster it falls, more folks sell. Momentum indicators appear to be rolling over earthward, as for the Dow's. Dow in Silver exceeded the 1 June high at 892.22 by closing up 0.58% to 894.40 oz (S$1,156.40 silver dollars). It has reached turning-green overboughtness on the RSI. Some time ago I calculated a possible target at 912 oz (S$1,179.15). We might see that. Dow in gold rose today 0.23% to 13.48 oz (G$278.66 gold dollars). This takes it above the downtrend line from the 13.80 oz top in December. Pondering both these indicators and their last 10 months' trading, I keep getting the picture that both are presently double topping, or will have by sometime next week. Aurum et argentum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger © 2014, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose.  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold price</b> suppression needs no whistleblowers; it's in the open <b>...</b> Posted: 02 Sep 2014 05:58 PM PDT 9:06p ET Tuesday, September 2, 2014 Dear Friend of GATA and Gold: Over the long Labor Day holiday weekend in the United States your secretary/treasurer sent the following e-mail to many financial journalists and mining company executives in the hope of calling their attention to the latest smoking-gun proof of central bank intervention against the gold market and other markets. * * * Dear -----: The Gold Anti-Trust Action Committee is publicizing a document discovered last week on the Internet site of the U.S. Commodity Futures Trading Commission. It suggests that central banks are surreptitiously intervening in all major futures markets operated by CME Group -- that is, suggests that all these markets are rigged. This strikes me as a pretty big news story and I've sent it to many major news organizations in the hope of inducing them to pursue it. See what you think. The document and some context for it can be found at GATA's Internet site here: http://www.gata.org/node/14385 Also possibly of interest is this commentary about the failure of gold and silver mining companies to protest government's suppression of the price of their products: http://www.gata.org/node/14394 Of course I'd be glad to provide more information. With good wishes. * * * ... Dispatch continues below ... ADVERTISEMENT Buy metals at GoldMoney and enjoy international storage GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit: http://www.goldmoney.com/?gmrefcode=gata Of course there were few acknowledgments, but one mining executive did reply cordially, to the effect that 1) conspiracies are hard to keep secret, 2) despite GATA's many years of exposing market manipulation not one disgruntled employee or former spouse or jilted lover has ever come forward to describe how the manipulation works. Until he could see information from someone actually involved in gold price suppression, he wrote, he would remain a skeptic. Your secretary/treasurer replied as follows. * * * You want specific participants in the gold price suppression scheme to come forward -- but many already have. Some participants have even given speeches about it, like these: http://www.gata.org/node/13373 On behalf of many central banks, the staff of the International Monetary Fund wrote this report recounting central bank participation in gold price suppression: http://www.gata.org/node/12016 I can get you many more documents like these if you'd like to see them. True, these people are not whistleblowers, as they are not craving publicity to expose something. Rather they are insiders very confident that they can admit these things more or less in public because nobody will pay any attention -- not the financial news media and not even the gold mining industry itself. We're still hoping to prove them wrong in regard to you. Why not look at the three documents cited above and see what you think? There's a lot more available here: http://www.gata.org/taxonomy/term/21 * * * Will this mining industry executive look at the admissions provided to him today? Will he act on them? We can only hope as we press on in the morning. CHRIS POWELL, Secretary/Treasurer Join GATA here: Casey Research 2014 Summit http://www.caseyresearch.com/summit/2014-fall Canadian Investor Conference http://cambridgehouse.com/event/31/canadian-investor-conference-toronto-... New Orleans Investment Conference https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520... Mines and Money London http://www.minesandmoney.com/london/ * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| <b>Gold price</b> falls on first full September trading day | MINING.com Posted: 02 Sep 2014 12:50 PM PDT On the Comex division of the New York Mercantile Exchange, gold futures for December delivery on Tuesday suffered its worst trading session in months, dropping to a near 3-month low. In afternoon trade gold was changing hands for $1,265.20 an ounce, down more than $22 an ounce or 1.7% compared to yesterday's closing price. The metal hit a day low of $1,263.10 in morning trade, the lowest since June 12. The 2014 low for gold is $1,244 reached June 2. The latest retreat in the price which pares the metal's gains for the year to just under 5% comes on the back of a surging dollar. The US currency hit a year high against the euro on Tuesday, boosted by data showing manufacturing activity in the country rose to a three year high in August. Gold and the dollar usually move in opposite directions. Year-to-date, the gold-euro cross has risen 10.5% compared to the 5% gain in gold in US dollar terms. Safe haven buying spurred by the turmoil in Ukraine and Iraq, also appears to have waned. Reuters quotes Ross Norman, CEO of bullion broker Sharps Pixley: "It's when the dollar hits big numbers that gold gets punished and this is clearly one of those moments. "There is a lot to be concerned about on the political and economic front (but) people tend to get inured to the idea of bad news and it doesn't affect them anymore." Silver futures for December delivery also retreated sharply, falling 1.5% to $19.19 an ounce in afternoon trade after touching $19.11 earlier in the day, the lowest since June 10. |
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